Nigerian Transportation Company GIGM Plunges Into Cryptocurrency
First-class Leading transportation and logistics company in Nigeria God is Good Motors (GIGM) is set to enter the blockchain and cryptocurrency industry. The transportation company has been in operation in Nigeria since 1998 and has built a network across the country and in Ghana.
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News and data have shown that Nigeria is one of the leading nations in terms of crypto adoption and it is not news why the company has chosen to get into the blockchain and cryptocurrency industry.
God is Good Motors (GIGM) has already come up with a cryptocurrency wallet that allows people to store cryptocurrencies according to a source that has agreed to remain anonymous.
In the long term, the company hopes to allow users to pay for trips with their cryptocurrency wallet, the source shared.The company has been known to be one of the transportation and logistic firms actively integrating technology into its operations. Transporters can book their tickets using the company’s mobile app.
This is coming at a time when the Nigerian cryptocurrency space is suffering from the action of the Central Bank which restricted cryptocurrency trading using the country’s financial system by prohibiting banks from facilitating crypto transactions.
After the Central Bank’s prohibition circular on the 5th of February earlier this year, the CBN called cryptocurrency “black and opaque” and not long after it announced its digital currency, the e-Naira which is expected to launch on the 1st of October, 2021 – the nation’s independence day.
The CBN has also revealed it will be launching a Digital Wallet called Speed and it hopes to bank the unbanked with the wallet.
It is still uncertain if the transport company will be launching a crypto token now or in the future and with the country’s regulators position on cryptocurrency.